Legal moves continued at the higher echelons of government, with adoption progressing forward faster. Criminals also found improved, sophisticated methods to try and gain access to crypto wallets and platforms.
The headlines:
- The stablecoin-focused Genius Act could be ready for a Senate vote by Memorial Day;
- Cardano’s tokens are now available in the Web3 Brave Browser;
- Things are hot in the stablecoin segment;
- Another round of FTX’s creditors will get paid starting May 30;
- Ethereum launched a trillion-dollar security initiative ;
- Plus, the usual suspects (and others) continued moving along in the ETF segment, and approval for most of the new ETPs is likely;
- And much more!
As always, these are your decentralized diaries!
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Bitcoin Swings at $102k (as of 5/19/24)
Crypto volatility continued to push the markets. Bitcoin moved from a $100,814.40 low to a $107,068.72 high before moving to $102,469.45.
The altcoins are also building up steam, too.
Ethereum (ETH) is at $2,396.95, Cardano (ADA) at $0.72223, Chainlink (LINK) at $15.09, Avalanche (AVAX) at $21.51, Polkadot (DOT) at $4.48, and Uniswap (UNI) at $5.71.
There Could be a Finalized Stablecoin Bill in the Senate by Memorial Day
By Memorial Day, the Senate could resolve the issues surrounding the stalled, stablecoin-focused GENIUS Act. During a ‘Stand With Crypto’ event on May 14, Sen. Cynthia Lummis (WY) revealed the likely target date.
The bill will also create a framework for stablecoin regulation in the United States.
90% of Financial Institutions Have Interests in Stablecoins–Fireblocks
Most FIs already use stablecoins or are interested in the token segment. That’s what a May 15 report from crypto firm Fireblocks suggests.
According to the document, 49% of respondents have payment-focused deployments. Another 23% have pilot projects, and 18% have roadmaps ready for implementation. Only one-tenth (10%) remain on the sidelines.
There’s a New DeFi-Powered Synthetic Dollar on Avalanche
On May 15, boutique DeFi ecosystem XSY.fi introduced its Unity (UTY) synthetic dollar on the Avalanche blockchain. Unity enables price stability by blending short perpetual futures with long spot holdings.
The combination also enables users to earn concurrent yields on the go.
Cardano Activated Support For the Brave Browser
In a May 12 announcement, popular crypto and Web3-focused Brave Browser revealed the availability of Cardano-based support within its ecosystem. Users can now integrate Cardano wallets and access their tokens from within the Brave Browser.
Brave partnered with Cardano development firm Input | Output to enable the service.
FTX’s Creditors Will Get $5 Billion in Repayments by May 30
Several FTX creditors may soon have cause to smile with a planned May 30 payout. According to a May 15 press release, FTX will begin payments at the end of the month.
FTX will pay claims holders in the payment plan’s convenience and non-convenience classes. Furthermore, they should have completed their second distribution pre-distribution requirements by the deadline.
Webull Pay Partnered with Coinbase to Enable Custody and Other Services
Boutique brokerage Webull partnered with Coinbase to provide custody, infrastructure, and other payment-related solutions. The collaboration enables Webull Pay users to access crypto, custody, and staking services.
The setup also supports the USDC stablecoin.
In related news, Coinbase unveiled a $20 million bounty to aid the identification of a group involved in a blackmail attempt. In a May 15 post, the crypto exchange revealed the effort in contrast to paying the bad actors.
Coinbase also revealed that the alleged extortionists gained access to limited user data (less than 1%) by bribing overseas customer service agents.
Mastercard Cooperated with Moonpay to Enable Global Stablecoin Support
Stablecoin adoption continued to improve thanks to a partnership between Mastercard and Moonpay. According to a May 15 press release, the crypto-to-fiat onramp will give 150 million merchants global access to the digital asset space.
The setup also features payment infrastructure that enables Fintechs and FIs to issue branded cards with similar features.
BlackRock’s BUIDL Debuted its First DeFi Protocol on Avalanche
Investment behemoth BlackRock’s BUIDL introduced its first DeFi deployment, integrating the Euler Finance ecosystem on the Avalanche network. Users on the Euler platform can use the sBUIDL token as collateral.
Moreover, users can also earn rewards in AVAX tokens when they borrow AUSD or USDC stablecoin assets. Premier DeFI infrastructure firm Re7 Labs powered the setup.
The State of Wisconsin Investment Board (SWIB) sold 6 million shares of the BlackRock iShares Bitcoin Trust (IBIT).
The Ethereum Foundation Launched a Trillion Dollar Security Program
Digital asset security took center stage with the launch of a “Trillion Dollar Security” initiative by the Ethereum Foundation. In a May 14 post on its website, the Ethereum Foundation revealed three essential components to the project’s success.
They include an understudy of the Ethereum ecosystem, identification of high-risk components, improvements in critical areas, and public engagement to inform the public about the Ethereum blockchain’s security features.
A Judge Rejected the Ripple–SEC $50 Million Settlement Request
On May 15, Judge Analisa Torres of the United States District Court for the Southern District of New York turned down the joint SEC-Ripple Labs request to approve a $50 million settlement put forward by the duo. Torres cited procedural issues and a concurrent case issue on appeal as reasons for her decision.
The settlement will likely proceed with appropriate filings and measures by both parties.
It was a mixed bag for digital asset ETFs. On May 13, the SEC deferred Grayscale’s Solana ETF alongside a final word on the Grayscale Litecoin Trust. The regulator also continued the Grayscale Solana Trust review period over listing requirements.
In addition, the SEC also opened the public comment window for the 21Shares Dogecoin ETF and the BlackRock Bitcoin ETF redemption model.
